The weak economy is taking a toll on many Americans especially baby boomers, those who are in their 40's, 50's, and 60's. Many are considering tapping into their 401ks and putting off their retirement. A new survey has show that half of baby boomers anticipate balancing their retirement plans with unexpected costs such as taking care of adult children, grand children, and aging relatives. So it's a huge wild card for those entering retirement. But here are some tips to help anyone of any age to get through these tough financial times.

With high unemployment rates and the stock market on a roller coaster there will be many people knocking on your door asking for help, but don't be the enabler. You want to be the source of advice first and money second because
the problem always becomes if you're writing that blank check, always becoming that atm machine, the problem is not going to go away. You want to empower your family and your friends to do the right thing, so rather than giving them money walk with them to the bank and talk about how they can refinance their loan. If it's a friend who needs a new wardrobe for a job ask him/her to shop in your closet rather than giving them the money to go buy a new expensive suit.

Needs are one thing and wants are are another, find out what the long term goals are when lending money to someone. There is also a lot of temptation to tap into your 401k but do not do this especially if your cash strapped. If you tap into your 401k early which you're allowed to you will wipe out half of that with taxes and penalties. So just pretend it doesn't exist and leave it alone. You can hit the 401k in your 60's or even later as people are not retiring early these days. It's always good to plan and review your retirement as you get closer to the time, you also what to let your children and family know what your retirement plans are, how you're saving and that might be an inspiration to them. This is to let them see that you're not a source of cash but that you have been saving and working hard towards your retirement.

For those who are entering the work force it is a good idea to start thinking about saving for a retirement and get into the habit of doing it as the older you get the more financial responsibility you have. It's easier in your twenties to save, it doesn't matter what the percentage is, just save. You should also barter, if you are taking care of adult children or family you should barter with them if they are not providing rent or financial assistance. You can barter for cleaning, cooking, and things like that so everyone kind of wins. In general bartering is a way to get around the high cost of living these days.

The last advice is "plan for the worst, and hope for the best", you want to be optimistic and hope for the best but prepare for worst as things can change within a day. Just save and have your finances in order.